MUMBAI:
Indian markets were moving in a narrow range after a positive start. According
to analysts, indices may react to IIP data for January which is scheduled later
today.
“There is no great feeling in
the market as we stare at another soft opening. The global markets appear
inconclusive. Looks like investors are on a ‘wait-n-watch’ mode and
appear to be reluctant in taking major bets immediately. The Nifty is expected
to remain stuck in the 5100-5150 range and the next hurdle is near the 5200.
Fresh selling could take it as low as 5030-5050.
Inflation numbers showed a spike in
fuel price. A possible trigger later in the day would be the IIP numbers,”
said India Infoline report.
At 10:20 am, National Stock
Exchange’s Nifty was at 5150.45, up 17.05 points or 0.33 per cent. The
index touched a high of 5158.10 and low of
5131.80.
Bombay Stock Exchange’s Sensex
was at 17217.08, up 49.12 points or 0.29 per cent. The 30-share index hit a high
of 17244.54 and low of 17176.02.
“Indices are expected to open
on a flat-to-positive note in response to flattish global indices. Traders are
advised to trade long in Nifty above 5150 levels else from 5130 levels with stop
loss placed at 5090 for targets of 5180-5185 levels. Alternatively, trade short
in Nifty if it fails to breach past 5185 levels with stop loss placed at 5200
levels targeting lower supports,” said Karvy Stock Broking note.
BSE Midcap Index was up 0.41 per
cent and BSE Smallcap Index gained 0.64 per
cent.
Amongst the sectoral indices, BSE
Oil&gas Index advanced 1 per cent, BSE Auto Index moved 0.65 per cent higher
and BSE Realty Index edged 0.64 per cent higher. BSE IT Index slipped 0.22 per
cent.
M&M (2.10%), Cairn India
(1.77%), Hindalco Industries (1.56%), IDFC (1.53%) and Siemens (1.46%) were
amongst the top Nifty gainers.
Losers included Hindustan Unilever
(-1.38%), HDFC Bank (-0.83%), IDEA (-0.83%), ABB (-0.71%) and NTPC
(-0.67%).
Market breadth was positive on the
BSE with 1383 gainers and 973 losers.
The Dow Jones Industrial Average
shed 8.31 points, or 0.08 per cent, to 10,559.02. The Standard & Poor's 500
Index fell 1.83 points, or 0.16 per cent, to 1,143.78. The Nasdaq Composite
Index dropped 4.02 points, or 0.17 per cent, to 2,354.93.
Asian stocks, however, headed higher
Friday on speculation that Japan’s central bank will loosen monetary
policies. The Nikkei gained 0.71 per cent, Hang Seng slipped 0.08 per cent and
Taiwan Weighted slipped 0.11 per cent.
source-http://economictimes.indiatimes.com
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